Articles

Five Of The Most Helpful Investing Apps

by Tamara S. Consultant

Apps have changed everything, including investing. So, here are five of the best to consider if you’re into turning your money into more money.

Stock Market Simulator

One of the best ways to learn how the stock market operates is by actively trading stocks. For new traders, however, using real money can pose a major risk. One alternative that is worth exploring is The Stock Market Simulator. This app allows users to participate in a simulation of the actual stock market, trading virtual funds rather than real money. This eliminates the risk while still allowing them to learn the ropes.

New accounts begin with a balance of $10,000. The virtual version of the stock market is updated to reflect what is happening in the real stock market. This allows users to track and monitor their investments as changes occur. The app is not designed to be used when making decisions about actual investments. Instead, it is a teaching tool that is designed to help users learn the ins and outs of trading on the stock market without having to risk real money.

Acorns

Anyone who is new to the world of investing can benefit from using the Acorns app. This innovative app makes it easy to start investing by allowing users to invest a small amount of money every time they make a purchase with their debit card. When they buy something at the store, the amount of the purchase is rounded up to the next dollar. The extra change is then invested in a diverse range of index funds. These funds are hand-picked by Harry Markowitz, an economist who is best known for winning the Nobel Prize.

What makes this method so attractive for new investors is that it is easy to do, even if they don't have a lot of money available. One of the co-founders of Acorns, Jeff Cruttenden, believes that the system is not only ideal for brand-new investors but also for more experienced investors since it makes the process of investing fast and easy. The money is invested automatically behind the scenes, meaning that it doesn't take a lot of time or effort to manage.

Making small investments like these appeals to a lot of new investors. It is important to be aware, however, that there is a monthly service fee associated with using the Acorns service. If you stop making investments, this fee will continue to be taken out of your balance. Even in a hot market, it could eventually wind up leaving you with nothing left in your account. The key to success with Acorns is to continually make new investments. As long as you set up the program to automatically deposit money when you make purchases, this shouldn't be a problem.

TD Ameritrade

TD Ameritrade has an app available for investors that is designed to simplify basic tasks. For instance, through the app, investors can access their balances in real time. They can also transfer funds, obtain streaming quotes, and stay current with the latest market-related news and research. The Snapstock feature is particularly useful. Using the app, users can take a picture of a barcode on an item to obtain the name of the company, their ticker symbol, a current stock quote, and any news related to the company that could affect their market performance. If you want some guidance on moves to make, read this post on how to invest one million pounds.

Yahoo! Finance

The Yahoo! Finance app provides users with a wonderful experience that is customized to their needs. Its sleek, sophisticated design has even led people to draw comparisons between it and the Native Stocks app for iOS 7. The app itself makes it possible for users to track their quotes and portfolios from more than one device. The intuitive user interface is perfect for performing simple actions like quickly checking on stocks or setting up push notifications so that you can instantly get any news that may affect your investments.

SigFig

When it comes to online tools for investors, SigFig is one of the best-known options. It offers a comprehensive range of tools that allow users to do everything from tracking their portfolios to optimizing their investments. The company also has an app available that users can use to perform many of the same actions. The process of signing up is easy. All that users need to do is complete a questionnaire that assesses their risk profile. From there, they are presented with a personalized plan for their investments. As long as they approve, the last step is to fund the account. All of the user's investments can be viewed directly from the dashboard, making it possible to track investments in real time.

For people who are brand-new to investing, SigFig provides helpful advice. It also has tools available for tracking news stories and statistics. There is no fee for managing the initial $10,000 that you add to your portfolio. The only drawback to the app is that it only provides a three-year overview of your brokerage accounts. A lot of investors like to look back further than that.

About Tamara S. Junior   Consultant

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Joined APSense since, February 22nd, 2018, From Fremont, United States.

Created on Oct 13th 2018 16:49. Viewed 32 times.

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